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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with another busy day for earnings around the world,

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Speaker 3: and we start in London, where shares of HSBC are

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Speaker 3: up more than two percent. The bank, which generates most

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Speaker 3: of its income in Asia, announced a new buyback program

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Speaker 3: and gave a bullish outlook for the year. We spoke

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Speaker 3: with the CEO, Noel Quinn.

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Speaker 4: Those results are a function of good revenue growth across

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Speaker 4: the globe. All of our global businesses have strong revenue growth.

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Speaker 4: All of the product lines within those businesses strong revenue growth.

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Speaker 3: Noel Quinn says, HSBC is now expecting that interest income

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Speaker 3: for the year to be above thirty five billion dollars.

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Speaker 3: Stay tuned for more of our interview with the CEO

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Speaker 3: coming up shortly on Bloomberg Daybreak.

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Speaker 2: Well, Nathan chares a BP are up almost one and

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Speaker 2: a half percent in London. The oil giant is raising

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Speaker 2: its dividend by ten percent and buying back another one

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Speaker 2: and a half billion dollars in shares. That's despite second

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Speaker 2: quarter profit that fell short of estimates thanks to weaker

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Speaker 2: oil and gas prices. Still BP CEO Bernard Looney told

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Speaker 2: us demand for crude remains remarkably strong.

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Speaker 5: There's a lot of talk, obviously about concerns about the

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Speaker 5: global economy, there's a lot of talk about concerns about

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Speaker 5: China growth. In spite of all of these things, demand

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Speaker 5: for oil has been incredibly resilient. In fact, there are

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Speaker 5: some reports that say oil will reach its maximum demand

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Speaker 5: ever this year.

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Speaker 2: BP CEO Bernard Looney reported second quarter ad justin net

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Speaker 2: income of two points six billion dollars. That's down for

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Speaker 2: almost eight and a half billion a year earlier.

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Speaker 3: We're also watching shares of Deangio, Karen. They're a little

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Speaker 3: changed at the moment. In London, the maker of Johnny

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Speaker 3: Walker whiskey and Smirnoff vodka, reported a six and a

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Speaker 3: half percent sales increase that beat estimates. Diagio also says

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Speaker 3: it is passing along price increases to customers well.

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Speaker 2: In Asia, Nathan shares at Toyota are trading at at

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Speaker 2: all time high. The world's number one car maker reported

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Speaker 2: quarterly profit that top estimates. Improvements in semiconductor supply and

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Speaker 2: a week end helped Toyota capitalize on a global rebound

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Speaker 2: in vehicle demand by her.

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Speaker 3: In the US care and it's another big day for

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Speaker 3: earnings on this side of the world. We get results

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Speaker 3: from almost fifty companies in the S and P five

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Speaker 3: hundred today, including Pfizer, Caterpillar, and Starbucks.

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Speaker 2: Well, Nathan, today is the start of a new trading month,

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Speaker 2: and we're beginning August with a big bullish call on stocks,

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Speaker 2: and we get the et also Bloomberg's.

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Speaker 6: John Tucker, John and Karen.

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Speaker 7: In fact, it's the most bullish forecast among Wall Street

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Speaker 7: strategist Oppenheimer Asset Management John Stolfas says we'll finish the

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Speaker 7: year at forty nine hundred on the S and P

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Speaker 7: five hundred. That's another seven percent higher from here. It

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Speaker 7: means we could blow through the old time high that

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Speaker 7: was set at the start of last year. Well, he says,

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Speaker 7: the fedce red hikes cycle now appears to be close

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Speaker 7: to a pause or even an end, and the US

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Speaker 7: economy appears resilient. Just yesterday, Morgan Stanley beear Mike Wilson

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Speaker 7: changed his tune, saying this rally can run further. You

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Speaker 7: New York Ime, John Tucker, Bloomberg daybreak.

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Speaker 3: All right, John, thank you, Well, we have a milestone

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Speaker 3: for the world's largest publicly traded hedge fund, Man Groups

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Speaker 3: assets under management have hit a record one hundred and

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Speaker 3: fifty one point seven billion dollars. We caught up with

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Speaker 3: Man Group chief financial officer and twin Fourtair.

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Speaker 8: Demon is firmly there as the FLUS demonstrates, listen, analysts focus.

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Speaker 9: On sort of quota and quota.

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Speaker 8: They want to make sure that numbers fit in a

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Speaker 8: nice little excel box. Clients really care about the long

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Speaker 8: term horizon.

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Speaker 3: Man Group CFO and Twinfourtair says the hedge fund was

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Speaker 3: helped by fresh inflows, but pre tax profit declined in

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Speaker 3: the first half and that is taking a toll on

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Speaker 3: the shares. Right now, Man Group is down seven point

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Speaker 3: four percent in London.

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Speaker 2: Well back here in the US, Nathan, there's word of

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Speaker 2: another company cutting jobs. According to the Wall Street Journal,

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Speaker 2: CVS is eliminating about five thousand jobs to reduce costs.

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Speaker 2: The paper says most of the rules that will be

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Speaker 2: affected at the pharmacy chain are corporate positions.

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Speaker 3: Well, it's certain to politics now, Karen. In the twenty

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Speaker 3: twenty four presidential race. The superpacks tied to the candidate

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Speaker 3: have unveiled their first fundraising totals. One of them is

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Speaker 3: the Runaway Leader. The Never Back Down super pack supporting

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Speaker 3: Florida Governor Ron DeSantis, raised one hundred and thirty one

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Speaker 3: million dollars in the first half of the year. That

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Speaker 3: is nearly twice as much as Make America Great Again,

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Speaker 3: the group supporting Donald Trump. The former president, still leads

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Speaker 3: to Santus by more than thirty five points in recent polls,

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Speaker 3: according to Real Clear Politics.

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Speaker 2: Well Nathan. Another super pac is also raking in cash,

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Speaker 2: and this one is not tied to a candidate instead

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Speaker 2: of Political Action Committee tied to billionaire at Charles Coke,

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Speaker 2: is aiming to stop former President Trump from winning the nomination.

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Speaker 2: Bloomberg's Ed Baxter has that story.

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Speaker 6: The Americans for Prosperity Action reports seventy eight million dollars,

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Speaker 6: the bulk from twenty five million dollar donations, one from

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Speaker 6: Coke Industries and the second from Stand Together Chamber of Commerce.

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Speaker 6: The conservative group claims Trump needs to be stopped or

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Speaker 6: Joe Biden will win reelection and could lead to losing

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Speaker 6: both Houses of Congress and the President's It has not

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Speaker 6: spent much yet, but says it will. In San Francisco,

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Speaker 6: I'm at Baxter Bloomberg Daybreak.

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Speaker 3: Thanks Ed, Well, how about some space politics now? The

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Speaker 3: Pentagon says President Biden has picked Colorado as the home

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Speaker 3: of US Space Command. That reverses a Trump era decision

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Speaker 3: to choose a location in Alabama. The move comes with

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Speaker 3: speculation that abortion politics played into the decision. Alabama has

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Speaker 3: restrictive anti abortion laws. Colorado does not.

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Speaker 2: Well, Nathan. When it comes to this summer's hot weather.

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Speaker 2: This streak is over, but just barely. We're talking about

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Speaker 2: the record string of daily highs over one hundred and

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Speaker 2: ten degrees in Phoenix. It was snapped yesterday with a

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Speaker 2: high of only one hundred eight degrees. The reprieve, though

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Speaker 2: expected to be brief, and it's time now for a

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Speaker 2: look at some of the other stories making news around

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Speaker 2: the world. For that, we're joined by Bloomberg's Amy Morris. Amy,

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Speaker 2: Good morning, Good morning, Karen. Former President Donald Trump is

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Speaker 2: predicting he'll be indicted any day now as part of

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Speaker 2: the investigation into his efforts to still in power after

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Speaker 2: the twenty twenty election. In a truth social post, Trump

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Speaker 2: called it an attempt to cover up allegations of bribes

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Speaker 2: and payoffs aimed at President Biden and his family. Hunter

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Speaker 2: Biden's former business partner, Devon Archer, testified before the House

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Speaker 2: Oversight Committee yesterday. Democrat Congressman Dan Goldman says Archer never

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Speaker 2: produced any testimony connecting President Biden to any business dealings

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Speaker 2: related to his son. They never discussed business.

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Speaker 1: Joe Biden did not know what the business dealings that

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Speaker 1: Hunter Biden was involved with, and he never did anything

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Speaker 1: in connection to Hunter's.

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Speaker 10: Business test This is House Republican leaders are prioritizing efforts

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Speaker 10: to open an impeachment inquiry into the president now, despite

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Speaker 10: his legal challenge, as Donald Trump still leads the GOP

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Speaker 10: and the race for the White House. Terry Haynes is

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Speaker 10: founder of Pangaea Policy and discussed Trump's poll numbers on

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Speaker 10: Bloomberg's Sound on.

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Speaker 11: Essentially, we're peak Trump now, and I think he has

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Speaker 11: nowhere to go but down. It's a long slow down

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Speaker 11: is a down. Nonetheless, in the national polls, roughly kind

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Speaker 11: of forty five fifty percent, even a little bit more

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Speaker 11: depending in the early primary states where therever meets the road,

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Speaker 11: you've got a little bit less.

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Speaker 10: That's sound on weekday afternoons from one to three pm

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Speaker 10: Eastern on Bloomberg Radio. You can hear the full interview

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Speaker 10: on the sound On podcast, available on Apple, Spotify, or

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Speaker 10: anywhere else you get your podcasts. Meanwhile, Florida Governor Ron

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Speaker 10: De Santis is laying out his economic vision for the US,

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Speaker 10: saying that if he wins the White House, many of

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Speaker 10: those who receive medicaid will have to get jobs.

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Speaker 11: For able bodied adults, there should be work requirements for

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Speaker 11: all welfare programs.

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Speaker 10: So Santa says his administration would curb reckless federal spending.

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Speaker 10: And you can chalk up a courtroom victory for Donald

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Speaker 10: Trump in Pennsylvania, where a state court judge says presidential

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Speaker 10: immunity is broad enough to protect Trump's false claims that

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Speaker 10: the twenty twenty election was rigged, even when he himself

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Speaker 10: did not believe that. Conspiracy. Voting machine supervisor James Savage

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Speaker 10: claimed Trump imaged his reputation by falsely claiming he tampered

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Speaker 10: with the twenty twenty election result. Global News twenty four

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Speaker 10: hours a day, powered by more than twenty seven hundred

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Speaker 10: journalists and analysts in more than one hundred twenty countries.

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Speaker 10: I'm Maybe Morris, and this is Bloomberg Karen.

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Speaker 2: All right, Amy, thank you. It is time now for

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Speaker 2: the Bloomberg Sports Update, and here's John stash Hour.

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Speaker 12: John Karen, it's a struggle for the US women's national team,

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Speaker 12: playing the World Cup in New Zealand, their third game.

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Speaker 12: They had a draw last time out against the Netherlands,

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Speaker 12: and right now they are playing in the second half

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Speaker 12: and the game is scoreless against Portugal. If this score holds,

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Speaker 12: the US still advances of the knockout round, but not

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Speaker 12: all that impressively considering they are the two time defending

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Speaker 12: champions the Netherlands on the verge.

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Speaker 6: Of moving on.

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Speaker 12: Right now, they lead Vietnam six to nothing. Baseball Tampa

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Speaker 12: baybyting the Yankees in New York five to one, as

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Speaker 12: the Rays hit four home runs off Yankee pitcher Johnny Brido,

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Speaker 12: and the Yankee struggles to try and make the postseason continued.

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Speaker 12: Washington beat Milwaukee five to three, Baltimore a four to

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Speaker 12: two win at Toronto. The Red Sox lost in Seattle

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Speaker 12: sixty two. The Giants lost at home to Arizona for

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Speaker 12: the three Tomorrow. Hamlin is, of course, the Buffalo Bill's

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Speaker 12: safety who last season almost died on the field yesterday

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Speaker 12: at Bill's practice he practiced for the first time in PACT.

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Speaker 13: I think it's power and being out here every day

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Speaker 13: and doing my process in front of the world, you know.

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Speaker 13: And I always wanted to stand for something bigger than myself.

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Speaker 13: Was my goal in my whole life. You know, I

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Speaker 13: had goals within this game, but you know, life goals.

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Speaker 13: That was the biggest thing. I wanted to stand for

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Speaker 13: something bigger than myself. And I have the opportunity to

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Speaker 13: do that now. And I'm a Facilda.

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Speaker 12: John stash Awer Bloomberg Sports.

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Speaker 6: From coast to coast, from New York to San Francisco,

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Speaker 6: Boston to Washington, DC, nationwide on Sirius, Exam, the Bloomberg

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Speaker 6: Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 11: Good morning.

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Speaker 3: I'm Nathan Hager. HSBC is in the middle of a

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Speaker 3: strategic repositioning, and its results this morning reflect that strong pivot.

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Speaker 3: The lender, which aims to capture growth in Asia, surpassed

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Speaker 3: pre tax profit estimates and announced a fresh share buyback

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Speaker 3: worth up to two billion dollars. The CEO of HSBC,

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Speaker 3: Noel Quinn, joined Bloomberg's Fancy Lockwat for a conversation on

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Speaker 3: the company's second quarter results. He also discussed the expansion

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Speaker 3: in Asia, the UK and Chinese property markets, and pressure

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Speaker 3: from top shareholder ping On Insurance Group.

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Speaker 14: When you look at your results, they're strong, Are you

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Speaker 14: very optimistic about the future.

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Speaker 4: I'm very pleased, Frank saying, and thank you for having

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Speaker 4: me with strong results in the first half. I mean,

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Speaker 4: I think that those results are a function of good

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Speaker 4: revenue growth across the globe.

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Speaker 9: All of our global.

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Speaker 4: Businesses have strong revenue growth. All of the product lines

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Speaker 4: within those businesses strong revenue growth, but also all geographies

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Speaker 4: contributed to that performance. So I'm pleased with the outcome.

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Speaker 4: It's a twenty one point seven billion dollar PBT, which

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Speaker 4: produces a reported ROATIE of twenty two point four percent,

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Speaker 4: But to be fair, I need to back out two

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Speaker 4: notable items in Q one which boosted that return. But

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Speaker 4: underlying then, excluding those, it's still a return on tangible

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Speaker 4: equity of eighteen point five percent. That's a very strong performance.

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Speaker 4: Our confidence is high on the future, which is why

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Speaker 4: we've changed our ROATY guidance going forward. We've increased it

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Speaker 4: from the twelfth plus guidance we had before to a

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Speaker 4: guidance of mid teens for twenty twenty three and twenty

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Speaker 4: twenty four, and I'm really pleased that we were able to,

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Speaker 4: because of our strong capital generation, commit to a further

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Speaker 4: ten cents dividend interim dividend for Q two and an

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Speaker 4: additional two billion dollar up to two billion dollar buyback,

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Speaker 4: which we intend to complete in the next three months.

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Speaker 9: So that's a good outcome.

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Speaker 4: But I do want to say it's broad based across

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Speaker 4: all geographies and across all business lines.

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Speaker 14: No, from the outside, it seems you're promoting and putting

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Speaker 14: a lot of focus on your business in India within Asia.

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Speaker 14: Is there a slight pivot away from China to focus

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Speaker 14: on India.

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Speaker 4: No, we're looking to invest in all of Asia. We

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Speaker 4: see great opportunities still in China here in Hong Kong,

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Speaker 4: but also we've got we see opportunities within India and

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Speaker 4: Singapore and Singapore not just for Singapore alone, but Singapore

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Speaker 4: and its gateway into Asian So we're investing equally between

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Speaker 4: all parts of Asia, and we're seeing good, good performance

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Speaker 4: across the whole of Asia. But also we're investing in

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Speaker 4: new business lines for US. So I think in the

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Speaker 4: past we've underinvested in our wealth business across Asia. We

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Speaker 4: had a very good business here in Hong Kong, we

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Speaker 4: invested in that, but we didn't invest enough in mainland China,

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Speaker 4: or in Singapore or in India. And we're correcting that

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Speaker 4: now and you can see the evidence of that in

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Speaker 4: these results. You know, in Asia we took in twenty

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Speaker 4: seven billion dollars in net new invested assets on behalf

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Speaker 4: of our clients, and that you know, if you look globally,

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Speaker 4: in the last twelve months, we took in seventy five

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Speaker 4: billion dollars in net new invested assets into our wealth business.

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Speaker 4: That's a function of the investment program we started over

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Speaker 4: two years ago.

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Speaker 14: So how active are you in helping, for example, finance

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Speaker 14: still some of the built and road projects.

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Speaker 4: I mean, we look at all of those projects that

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Speaker 4: are taking place, all of the big infrastructure projects. Were

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Speaker 4: very particular focused at the moment on infrastructure projects around sustainability,

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Speaker 4: new hydrogen plans, new wind and solar ways to decarbonize.

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Speaker 4: So we're working with our clients across all of Asia

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Speaker 4: book globally. We've done some big transactions as well in

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Speaker 4: the Middle East, where we're looking to help clients invest

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Speaker 4: in the new technology to build the new, greener economy

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Speaker 4: of the future. So we look at the amount of

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Speaker 4: project by project basis, and some of them are within

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Speaker 4: the Silk Road the Belton Road initiative, but some of

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Speaker 4: them will be outside of that.

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Speaker 9: Many of them will be outside.

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Speaker 13: No.

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Speaker 14: No, how worried are you about Chinese real estate? And actually,

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Speaker 14: if you look at you know, what you've announced today,

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Speaker 14: developments could be worse and what you're expecting and will

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Speaker 14: you have to take more, you know, more fresh charges

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Speaker 14: against some of your exposure there.

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Speaker 4: I think what we announced today was we do a

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Speaker 4: scenario on what a potential plausible downside could be on that.

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Speaker 4: We're not predicting that. We scenario plan that. We did

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Speaker 4: take some additional provisions in the in quarter two, but

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Speaker 4: they were relatively manageable within our overall ECL charge. I

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Speaker 4: think we took about three hundred million in the first

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Speaker 4: half of this year. That was top up on some

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Speaker 4: existing provisions. But if I look at my overall ECL

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Speaker 4: charge for the first half of the year, it was

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Speaker 4: one point three billion, and that absorbed commercial RedState in China,

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Speaker 4: specifically on real estate in China. It will be a

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Speaker 4: challenge in six twelve months. The industry still has some

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Speaker 4: challenges ahead. We believe we're well provisioned. We're comfortable with

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Speaker 4: the provisioning we have at the half year, and we'll

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Speaker 4: have to wait and see how the policy measures continue

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Speaker 4: to adopt adapt. And what is really challenging in the

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Speaker 4: real estate market in China is a lack of demand

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Speaker 4: and that's really where I think the solution to the

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Speaker 4: challenges will come from.

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Speaker 14: There's been a long silence, a long long silence from Pingang.

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Speaker 14: Is it reasonable to assume that you've won the argument

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Speaker 14: about HSBC's future.

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Speaker 9: Well liston.

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Speaker 4: We continue to have dialogue with Pingang, as we do

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Speaker 4: with all institutional shareholders, and we have done since the AGM.

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Speaker 4: But the AGM was conclusive. It delivered a very conclusive

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Speaker 4: outcome on the debate around restructuring. We've moved on from

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Speaker 4: that now we've very much focused on performance. We also

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Speaker 4: know that that's a big focus for Pingang, as it

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Speaker 4: is for all institutions shareholders, all shareholders, including the retail

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Speaker 4: shareholders here in Hong Kong, and I think the first

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Speaker 4: six months results are testament to our focus on that

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Speaker 4: and the work we've done over the past three years,

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Speaker 4: strong revenue growth, tight cost of scipline, good capital management.

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Speaker 4: Over one hundred and twenty eight billion dollars of unproductive

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Speaker 4: ard debris ways taken out over the past three years,

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Speaker 4: and we very much focused on our core strengths and

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Speaker 4: the results today are evidence of that. An eighteen percent

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Speaker 4: return on tangible equity with good strong capital generation going

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Speaker 4: forward with the prospect of more dividend and more return

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Speaker 4: coming from that performance.

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Speaker 9: That's the important thing I'm focused on.

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Speaker 14: But so what are you reading at the moment that

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Speaker 14: Pingang can come back and actually give you house on

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Speaker 14: how they see the future of HSBC of when you

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Speaker 14: say you've moved on, have they also moved on from

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Speaker 14: this argument?

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Speaker 4: Well, that is a matter for Pingang, so it's not

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Speaker 4: fair for me to comment on their behalf. But I

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Speaker 4: think the AGM decision was very decisive and conclusive, was

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Speaker 4: very clear, and I believe that matter is now behind us.

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Speaker 4: We are very very much focused on performance, so that

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Speaker 4: matter is now closed from the point of view of HSBC.

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Speaker 14: What does the decision to downsize your London headquarters tell

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Speaker 14: us about your commitment to the UK.

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Speaker 4: We're absolutely committed to the UK, and our decision on

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Speaker 4: premises in the UK is a function, frankly, of some

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Speaker 4: of the reduction in costs that we've done over the

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Speaker 4: past three to four years. It's a function of changing

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Speaker 4: working pasterns, and it's a function of some of the

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Speaker 4: offshoring that we've done. So our need for premises in

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Speaker 4: the UK is less today than it was three four

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Speaker 4: years ago. So our choice on where we relocated the

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Speaker 4: head office wasn't a decision between Canary Wharf and the city.

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Speaker 4: It was a decision based on available premises somewhere around

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Speaker 4: twenty twenty six and twenty twenty seven that had the capacity,

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Speaker 4: but not too much capacity to absorb the people we wanted.

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Speaker 4: So frankly, we needed a build in half the size

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Speaker 4: of Canary Wharf and there aren't that many buildings that

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Speaker 4: were available. This was not a decision between a city

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Speaker 4: or Canary Wharf. It was a practical decision based on

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Speaker 4: property availability.

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Speaker 14: Given where we are now worldwide and some of I

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Speaker 14: guess the influencers across the world, do you say your

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Speaker 14: reasons for remaining in the UK are actually decreasing.

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Speaker 4: No, I think UK is a very good place to

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Speaker 4: have a headquarter for a global institution. It covers all

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Speaker 4: the time zones. Well, it's a good environment to operate

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Speaker 4: in with lots of professional services to support an organization.

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Speaker 9: Remember, we're a global business.

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Speaker 4: We have to have a headquarter somewhere, and the UK

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Speaker 4: has been a good headquarter for us. But I'm also

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Speaker 4: at the moment in our headquarters in Hong Kong, and

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Speaker 4: in a few weeks time, I'll be in our headquarters

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Speaker 4: in the Middle East. So you know, we're a global

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Speaker 4: organization and there has to be a place that where

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Speaker 4: you're registered, and the UK is a good place to

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Speaker 4: be registered. It's a good environment to operate a global bank,

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Speaker 4: with a good regulatory environment, and we're very happy there.

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Speaker 14: So when you look at UK mortgages, I think you

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Speaker 14: were the first major bank to actually start cutting your

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Speaker 14: rates last week. Do you see rates substantially filling for

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Speaker 14: mortgages in the near future.

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Speaker 4: I think it's going to be a function, frankly, the

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Speaker 4: swap rates in the UK. You know, it's not just

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Speaker 4: the base rates in the UK, but it's the swap

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Speaker 4: rates because most mortgages are priced off swaps, and it

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Speaker 4: will be there for a function of what is the

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Speaker 4: market confidence. Where does the market see the Yel curve?

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Speaker 4: And we saw the Eyel curve go up, then we

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Speaker 4: started to see it come down. Our ambition is to

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Speaker 4: try and make sure our rates are as reasonable as

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Speaker 4: possible to help customers navigate what is definitely a challenging

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Speaker 4: the environment of higher rates in the market plus higher inflation.

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Speaker 4: So if we can move down, we will do as

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Speaker 4: quickly as possible. So that was our decision. It will

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Speaker 4: it will. I can't predict what the Yeal curve necessarily

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Speaker 4: will do. There is the prospect of more interest rate

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Speaker 4: rises in the future in order to combat inflation, and

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Speaker 4: that therefore could change the Yeld curve for the swap rates,

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Speaker 4: and therefore we may have to adjust price in then

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Speaker 4: upboard down.

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Speaker 14: But do you see a correction in UK property prices

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Speaker 14: going forward? Significant correction?

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Speaker 4: I mean the UK property market has been extremely resilient,

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Speaker 4: the mortgage market in the UK, and I'll broaden that

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Speaker 4: out so generally the business community in the UK, despite

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Speaker 4: challenging conditions, they've been extremely resilient. Our mortgage book is

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Speaker 4: holding up extremely well, our corporate lending book is holding

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Speaker 4: up extremely well. There are challenges, there are pressures starting

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Speaker 4: to be evident, but they're relatively manageable from.

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Speaker 9: A UK economy point of view and a bank point

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Speaker 9: of view.

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Speaker 4: But higher interest rates for longer will continue to pressure

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Speaker 4: both consumers and businesses and it's in all our interests

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Speaker 4: that we can get inflation down as soon as possible

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Speaker 4: in order to ease the pressure on the U curve

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Speaker 4: and rates.

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Speaker 14: No, it's clear that in the last couple of weeks

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Speaker 14: Nigel Farad really dominated the headlines when it came to

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Speaker 14: banking in the UK. Do you think it will change

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Speaker 14: banking in this country and would you ever drop a

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Speaker 14: customer because of their political beliefs?

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Speaker 4: Well, first, our policy is very clear. We do not

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Speaker 4: exeit a client or de banker client based on their

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Speaker 4: lawful personal views. We don't do that as part of

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Speaker 4: our policy. What I also want to do is say

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Speaker 4: we will work with the authorities in the UK, the

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Speaker 4: FCA and the regulators in the UK in whatever work

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Speaker 4: they're going to do over the next few weeks to

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Speaker 4: try and find a good resolution to the current situation

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Speaker 4: that exists. But our policy is we do not dbank

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Speaker 4: based on the lawful postal views of all customers.

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